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Thursday, 19 May 2016

Misr Italia to offer 10-20% of existing shares to raise EGP 600 mn in 3Q2016

Going public may not be in the cards for Abraaj in the short term, but Egypt’s Misr Italia Holding is reportedly looking to offer 10-20% of its shares on the EGX in 3Q2016, according to reports in the domestic press. The company hopes to raise EGP 600 mn from the IPO, which would probably require it to spin off the Mousa Coast developments in Sinai, where properties cannot be legally owned by foreigners. The offering is set to be managed by Prime Holding. Meanwhile, Misr Italia is looking to build a university at an investment cost of EGP 100 mn, to be completed within three years, said company Chairman Hani El Assal.

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